BP CEO promises change in capital allocation approach
BP BP plc ADR
$44.62 -0.38%
View chart & analysis → - 1BP CEO Murray Auchincloss said the company failed to manage investor funds responsibly.
- 2BP's second-quarter net profit of $3.91 billion is more than double the $1.62 billion recorded in the same period last year.
- 3Murray Auchincloss did not specify when share buybacks would resume and did not rule out the possibility of increased spending.
So what's the key point?
The head of BP admitted that the company's money management was insufficient. While profits rose to $3.91 billion, the timing for share buybacks has not been determined.
Source Quartz · View original ↗
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